It might be the month of love, but not everyone’s social feeds are awash with big romantic gestures and images capturing those ever so slightly over the top public displays of affection. For those that are single, it’s a time to celebrate independence, great friends and generally doing exactly what makes you happy. However, when it comes to buying your first home, having another half certainly makes it a lot easier financially, but don’t be disheartened here are our tips for buying solo.
It might seem like the ideal scenario, buying your dream home with your loved one, but the reality for many can be very different. When a relationship breaks down and you both want to move on but you’re tied together with a mortgage, it can be a very difficult situation to resolve. Buying on your own can have some big advantages so here’s some useful tips on making it a reality and save you some of the potential heartache!
Move in with Mum & Dad – Whilst this isn’t feasible for everyone due to location and space, if you are able to move in with your parents to save on expensive rent, then don’t delay. Moving back home can come with its challenges, but if you sit down with your family in advance to agree ground rules that you are both happy with, then this can fast track your saving.
Couple up with Help To Buy – According to Hamptons International it would take nearly a decade for a single person to save a 15% deposit! This is where the government’s Help to Buy scheme really comes into its own for those solo buyers looking to get onto the property ladder. With only a five per cent deposit needed, it significantly reduces the major hurdle of saving a deposit, which is still the most common barrier to any first time buyer owning their own home.
Broker a deal – Using an independent financial advisor can not only help you get the best deal for your circumstances but they can also help you get into better financial shape ahead of the mortgage application being made. Every penny really does count, so seriously look at your finances and trim all of those none essentials. It might feel like a painful experience, but those short term sacrifices can have a long term pay off. Ditching expensive daily coffees can save you nearly £1000 a year!
Love at first sight – Buying a new Countryside home over a second hand property has a number of financial benefits for solo first time buyers. Maintenance is minimal as everything is new, plus our homes come with a ten year NHBC build guarantee. Our homes are packed with energy saving features, including super insulation, combi boilers, double glazing and energy saving bulbs that will save you money on monthly running costs. The Countryside standard specification is one of the best available, meaning you get so much more for your money included compared to other housebuilders, this can equate to a saving of around £4,000 needed to ‘upgrade’ your home to match one of ours.
Check out some of our fantastic three bedroom homes now available and with our amazing first time buyer package on selected developments and homes.